HRB prices off the bottom

The bi-monthly SteelBenchmarker™ Chinese HRB ex-works price for June 8 rose 1.9 percent to $429 per ton for the fourth consecutive rise. The World export HRB price rose 1.5 percent to $402 per ton, FOB the port of export, for the second consecutive increase. The United States HRB spot price increased 0.9 percent to $433 per metric ton, FOB the mill, after 20 consecutive declines. The Western European HRB price slipped 0.2 percent to $465 (on a Euro basis, it declined 0.6 percent), ex-works, after two increases.

The four benchmark prices for hot-rolled band for June 8, 2009 are:

• U.S.—$433 per metric ton ($393 per net ton), FOB the mill—up $4 per ton from $429 ($390 net) two weeks ago, but down $770 (64 percent) per ton from the peak of $1,203 ($1,091 net) on July 28, 2008; down $7 per ton from the recent low of $440 ($399 net) in July 2005, but up 203 per ton from the record low of $230 ($209 net) in December 2001.
• China—$429 per metric ton, ex-works—up $8 per ton from $421 two weeks ago, but down $304 (41.5 percent) per ton from the record peak of $733 on July 14, 2008; up $139 per ton from the recent low of $290 in December 2005 and up $182 per ton from the record low of $247 in December 2001.
• Western Europe—$465 (€333) per metric ton, ex-works—down $1 per ton from $466 (€335) two weeks ago (on a Euro basis, down €2), and down $739 (€423) (61.4 percent) per ton from the record peak of $1,204 (€756) on July 14, 2008; up $9 (down €52) per ton from the recent low of $456 (€385) in December 2005 and up $276 (€121) per ton from the record low of $189 (€212) in December 2001.
• World Export Price—$402 per metric ton, FOB the port of export—up $6 per ton versus $396 two weeks ago but down $711 (63.9 percent) per ton from the record peak of $1,113 on July 28, 2008; up $13 per ton from the recent low of $389 in July 2005 and up $227 per ton from the record low of $175 in December 2001.

Twice each month, SteelBenchmarker™publishes steel benchmark prices for hot-rolled band, cold-rolled coil, rebar and standard plate in the following regions: the U.S., Western Europe, and the world export market. Additionally, there are benchmark prices for steel scrap in the U.S.